“The surprising deal made between President Donald Trump and the Democrats to fund the government until December 8th means that the Fed’s December Federal Open Market Committee meeting could take place against the backdrop of a federal shutdown,” Ashworth wrote.

In addition, “the arrival of Hurricane Irma following Harvey means that the economic data could be affected for the next couple of months,” making it harder for the Fed to get a read on underlying economic conditions.

Great points. Ashworth is mistaken in one area, however: He sees the stopgap debt ceiling measure as a complication that “makes the Fed’s job harder,” as the central bank may now be less likely to hike rates in December.

In other words, there was already very little reason for the central bank to continue raising interest rates until inflation and wages start to move higher. The additional hurdles from the debt ceiling uncertainty should merely seal the deal for a pause.

But in the end, Trump struck the short-run deal with Democrats that left his fellow Republicans stunned, and he has also hinted at a possible agreement, again apart from his own party, to get rid of the debt ceiling altogether.